A Practical Guide To Public Debt Dynamics Fiscal Sustainability And Cyclical Adjustment Of Budgetary Aggregates
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A Practical Guide To Public Debt Dynamics Fiscal Sustainability And Cyclical Adjustment Of Budgetary Aggregates
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Author : Julio Escolano
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2010-01-27
A Practical Guide To Public Debt Dynamics Fiscal Sustainability And Cyclical Adjustment Of Budgetary Aggregates written by Julio Escolano and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-01-27 with categories.
This paper presents a practical guide to public debt dynamics, fiscal sustainability, and cyclical adjustment of budgetary aggregates. The paper discusses fiscal formulas, which may be of practical use in fiscal analysis. The paper derives, respectively, the formulas for debt dynamics, and cyclical and inflation adjustment of budgetary aggregates. It discusses other relationships for special applications, and some practical implications and usage. The formulas related to debt dynamics are based on the assumption that changes in liabilities are the result of above-the-line budgetary operations.
Staff Guidance Note For Public Debt Sustainability Analysis In Market Access Countries
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Author : International Monetary Fund. Fiscal Affairs Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2013-05-06
Staff Guidance Note For Public Debt Sustainability Analysis In Market Access Countries written by International Monetary Fund. Fiscal Affairs Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-05-06 with Business & Economics categories.
The framework for fiscal policy and public debt sustainability analysis (DSA) in market-access countries (MACs) was reviewed by the Executive Board in August 2011.1 The review responded to shortcomings in identifying fiscal vulnerabilities and assessing risks to debt sustainability against the backdrop of increased concerns over fiscal policy and public debt sustainability in many advanced economies.
The Political Economy Of Public Debt
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Author : Richard M. Salsman
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-02-24
The Political Economy Of Public Debt written by Richard M. Salsman and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-02-24 with Business & Economics categories.
How have the most influential political economists of the past three centuries theorized about sovereign borrowing and shaped its now widespread use? That important question receives a comprehensive answer in this original work, featuring careful textual analysis and illuminating exhibits of public debt empirics since 1700. Beyond its value as a definitive, authoritative history of thought on public debt, this book rehabilitates and reintroduces a realist perspective into a contemporary debate now heavily dominated by pessimists and optimists alike.
The Elgar Companion To Modern Money Theory
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Author : Yeva Nersisyan
language : en
Publisher: Edward Elgar Publishing
Release Date : 2024-08-06
The Elgar Companion To Modern Money Theory written by Yeva Nersisyan and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-08-06 with Business & Economics categories.
This Companion is a comprehensive introduction to Modern Money Theory (MMT), covering a wide variety of topics from the nature and origins of money, to the fundamentals of government spending and taxation, to the application of MMT in developed and developing countries.
Debt Reduction Fiscal Adjustment And Growth In Credit Constrained Economies
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Author : Mr.Emanuele Baldacci
language : en
Publisher: International Monetary Fund
Release Date : 2013-11-22
Debt Reduction Fiscal Adjustment And Growth In Credit Constrained Economies written by Mr.Emanuele Baldacci and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-11-22 with Business & Economics categories.
This paper assesses the effects of fiscal consolidations associated with public debt reduction on medium-term output growth during periods of private debt deleveraging. The analysis covers 107 countries and 79 episodes of public debt reduction driven by discretionary fiscal adjustments during 1980–2012. It shows that expenditure-based, front-loaded fiscal adjustments can dampen growth when there are credit supply restrictions. Instead, fiscal adjustments that are gradual and rely on a mix of revenue and expenditure measures can support output expansion, while reducing public debt. In this context, protecting public investment is critical for medium-term growth, as is the implementation of supply-side, productivity-enhancing reforms.
Bailing Out The People When Private Debt Becomes Public
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Author : Samba Mbaye
language : en
Publisher: International Monetary Fund
Release Date : 2018-06-13
Bailing Out The People When Private Debt Becomes Public written by Samba Mbaye and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-13 with Business & Economics categories.
This paper documents a form of private sector bailout that is much more common (and yet unnoticed) than the typical bank bailout. Building on the newly-created Global Debt Database, we show that excess private debt systematically turns into higher public debt, regardless of whether the credit boom resulted in a crisis or a more orderly deleveraging process. This debt migration operates mainly through growth rather than explicit bailouts: private deleveraging weighs on activity, prompting a countercyclical government response to support economic activity. Ultimately, whether this debt substitution results in a net increase or a net decline of overall indebtedness in the economy depends on the extent of the growth slowdown during the deleveraging spell. These findings suggest that markets and policymakers should move away from looking at private and sovereign debt in silos and pay closer attention to the total stock of debt in the economy, as the line between the two tends to become blurry.
Evaluating Designs For A Fiscal Rule In Bulgaria
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Author : Mr.Jochen R. Andritzky
language : en
Publisher: International Monetary Fund
Release Date : 2011-11-01
Evaluating Designs For A Fiscal Rule In Bulgaria written by Mr.Jochen R. Andritzky and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-11-01 with Business & Economics categories.
The enhanced Stability and Growth Pact calls on euro area members and aspirants to set boundaries to fiscal deficits through high-level legislation. A limit on the deficit, such as the deficit ceiling in Bulgaria's organic budget law, serves to protect solvency. The recent crisis clearly indicated that the key challenges are not only to contain the deficit but also to avoid a procyclical stance during upswings and to build a buffer for rainy days. Ideally, fiscal policymaking is guided by a fiscal rule that adapts through the economic cycle. This paper lays out the objectives of fiscal rules and analyzes how these objectives can be met in Bulgaria through either a growth-adjusted balance rule or an expenditure rule complemented by a deficit ceiling.
Public Debt Global Governance And Economic Dynamism
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Author : Luigi Paganetto
language : en
Publisher: Springer Science & Business Media
Release Date : 2014-07-08
Public Debt Global Governance And Economic Dynamism written by Luigi Paganetto and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-07-08 with Business & Economics categories.
This volume presents a selection of contributions to the XXIV Villa Mondragone International Economic Seminar on “Public debt, global governance and economic dynamism”. For the past 23 years, the Seminar has provided an ideal opportunity to meet and discuss the most topical issues in economic research. The quality of the scientific contributions and ensuing debates has consistently been outstanding owing to the participation of leading experts, and the most recent Seminar was no exception. The Seminar was held against the backdrop of high levels of public debt, especially in Europe, combined with very low growth in productivity. Furthermore, markets have been dominated by financial instability, raising the question of whether this is the result of the high debt levels or insufficient economic dynamism. Among the topics covered in this book are the economic challenges and growth policies in the United States; issues relating to the G20, global governance and regional integration; EU governance, growth and the Eurozone crisis; and EMU policy and public debt. Individual contributions also address the impact of labor market reforms, the need for sectoral rebalancing in the Euro area, fiscal multipliers and public debt dynamics, and the effects of fiscal shocks in Italy. The book concludes with a contribution on policy recommendations.
Regional Economic Outlook April 2017 Western Hemisphere Department
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Author : International Monetary Fund. Western Hemisphere Dept.
language : en
Publisher: International Monetary Fund
Release Date : 2017-05-19
Regional Economic Outlook April 2017 Western Hemisphere Department written by International Monetary Fund. Western Hemisphere Dept. and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-05-19 with Business & Economics categories.
With the global economy gaining some momentum, economies of Latin America and the Caribbean are recovering from a recession at the regional level in 2016. This gradual improvement can be understood as tale of two adjustments, external and fiscal, that are ongoing in response to earlier shocks. But headwinds from commodity terms-of-trade shocks and country-specific domestic factors are fading, paving the way for real GDP to grow by about 1 percent in 2017. Regional activity is expected to pick up further momentum in 2018, but at a slower pace than previously anticipated, while medium-term growth is projected to remain modest at about 2.6 percent. The outlook is shaped by key shifts in the global economic and policy landscape—where slow growth, low productivity, and high income inequality are creating pressure for a shift toward inward- looking policies in some advanced economies. Domestic fundamentals and developments, however, will continue to play a significant role in determining growth for the region. At the same time, risks to the outlook have widened in a setting of higher global uncertainty. In this challenging external context, countries should aim for completing fiscal and external adjustments to preserve or rebuild policy buffers. Charting a course toward higher, sustainable, and more equitable growth will also require strengthening structural reforms. Specifically, closing infrastructure gaps, improving the business environment, governance, and education outcomes, and encouraging female labor participation are necessary to boost medium-term growth and foster income convergence. Chapters in this report examine the ongoing external adjustment to terms-of-trade shifts, drivers of capital flows to the region, the role of the investor base, and macroeconomic impact of migration and remittances.
How Much Is A Lot Historical Evidence On The Size Of Fiscal Adjustments
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Author : Mr.Julio Escolano
language : en
Publisher: International Monetary Fund
Release Date : 2014-09-25
How Much Is A Lot Historical Evidence On The Size Of Fiscal Adjustments written by Mr.Julio Escolano and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014-09-25 with Business & Economics categories.
The sizeable fiscal consolidation required to stabilize the debt-to-GDP ratios in several countries in the aftermath of the global crisis raises a crucial question on its feasibility. To answer this question, we rely on historical evidence from a sample of 91 adjustment episodes of countries during 1945–2012 that needed and wanted to adjust in order to stabilize debt to GDP. We find that, in at least half the cases, countries improved their cyclically adjusted primary balances by close to 5 percent of GDP. We also observe that, while countries typically make substantial efforts to stabilize debt, once this objective is achieved, they tend to ease their primary balances and do not necessarily get back to their initial lower debt-to-GDP ratio. We find that consolidations tended to be larger when the initial deficit was high and adjustment efforts were sustained over time. Fiscal adjustments also tended to be larger when accompanied by an easing of monetary conditions and, to a lesser extent, by an improvement in credit conditions.